Solid US jobs growth; China adds stimulus; France warned; RBA seeks bank levy; Aussies float higher GST, lower income tax; NZ$1 = US$0.856 TWI = 80.0

Here's my summary of the key news overnight in 90 seconds at 9 am, including news of new China stimulus.

But first, the US pre-cursor ADP payroll data series came in almost exactly where observers expected, with non-farm jobs growing 191,000 in March. This survey is remarkably similar to the key official Non-Farm Payrolls report, although there can be individual month discrepancies. The trends are highly correlated and show steady jobs gains, at about the same rate as the 2004-2006 period.

Also helping the data mood, the US Commerce Department reported that February factory orders rose 1.6%, above expectations and much better than the 1% decline in January.

The Chinese have pulled the trigger on a new round of stimulus to protect their sagging economy. Announced overnight, the package of measures includes railway spending and tax relief to support the economy and create jobs.

Germany has adopted a minimum wage for the first time ever - €8.50 or NZ$13.67 per hour. It starts in 2015 and won't apply to the first six months of work.

France has been warned by other EU nations about its ever-tardy pace of reform. "Time is running out," they say.

In Australia, the RBA wants Australia's biggest banks and building societies to pay a levy to help pay for a fund that will protect their own depositors in the event of a banking collapse. They set out their position at the Aussie Governments  banking inquiry, chaired by the ex-CEO of CBA and someone known to oppose such impositions on banks. Its likely to be a move that will expose the capturing of their official inquiry by the banking industry.

Staying in Australia, their Treasury is making the case for raising their GST and cutting personal income tax, a sign some observers believe the new Government wants to prepare Australians for major changes to the taxation system. Australians’ standard of living is threatened by weak productivity growth, falling commodity prices and an ageing population, they said. Sounds eerily like New Zealand six years ago. The closer recent ties between the NZ and Australian Treasury departments is seeing ideas flow west, rather than the usual other way around.

Stocks are up in New York at new record levels, gold has risen to US$1,290/oz but oil is down under US$100/bbl in the US and the Brent price fell below US$104/bbl a quarterly low and back to where it was a year ago.

Meanwhile UST benchmark 10 year bond yields have risen to 2.80%.

The NZ Dollar starts today almost a full cent lower than Monday's peak, following the dairy price drop and is now at at 85.6 USc, the Aussie is at 92.6 AUc, and the TWI remains at 80.0.

If you want to catch up with all the changes yesterday, we have an update here.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »